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Oil spill fears hit Shell; markets rise on QE hopes
Possibility of more quantitative easing, or QE, in the US boosts markets as Shell slides on fears of an oil spill in the Gulf of Mexico.
Other stock markets in Europe also made gains as bond yields eased: Germany’s DAX index rose 1.08% to 6,747, France's CAC 40 index increased 1.1% to 3,273, and the FTSEurofirst 300 index of top European shares inched ahead 1.08% to 1,045.
Mothercare to close 111 stores
Retailer Mothercare (MTC.L) added 13.25p, or 7.8%, to 183p as it announced plans to suspend dividends and close 111 stores over the next three years, with a possible loss of 750 jobs.
The group is battling to save its UK business and hopes to increase profits by £13 million in March 2015.
Recruitment group Hays (HAYS.L) jumped 7.25p, or 8.9%, to 88.5p as it forecast full-year profits to be at the top end of estimates.
Analysts at Jeffries increased their target price on the stock from 110p to 120p, and Seymour Pierce raised its recommendation on the stock from ‘sell’ to ‘hold’.
Hedge fund Man Group (EMG.L) lost 0.3p, or 0.26%, to 115p as Moody’s decided to place its debt ratings on review. The stock was also hit as Barclays reduced its target price on the stock from 180p to 145p.
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Look up the shares
- Royal Dutch Shell PLC (RDSb.L)
- Mothercare PLC (MTC.L)
- Hays PLC (HAYS.L)
- Man Group PLC (EMG.L)
- GKN PLC (GKN.L)
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